As each new day unfolds during the current COVID-19 crisis, we are continuing to keep you updated on important information that we believe is relevant.
We encourage you to research all your options and reach out to your account officer to discuss any issues you are facing and let us know how we can help you during these challenging times.
Financial Assistance Programs
Due to the market disruption caused by the COVID-19 virus, many stores are postponing, rejecting and even canceling orders, while others are delaying payment on existing receivables. We understand that these issues will cause cash flow problems for many of our clients.
There are federal, state and local public resources available to help businesses that are experiencing COVID-19 issues:
• The Small Business Administration offers consulting and loan programs to help small businesses: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources
• For NYC based businesses, NYC Small Business Services offer programs that include interest free loans and grants to help small businesses cover payroll and other necessary expenses: https://www1.nyc.gov/site/sbs/businesses/covid19-business-outreach.page
• For assistance outside of New York, please check with your state and local agencies as well as local SBA offices (listed at the bottom of the SBA website provided)
US Customs and Border Protection is accepting requests for a 7-day duty payment extension. Interested parties should send requests (name of importer and IOR#) to Director Randy Mitchell at email@example.com.
The National Customs Brokers & Forwarders Association of America (NCBFAA), an industry group serving importers and exporters, has asked Customs for a 90-day tolling or deferral period, and Customs is considering the request.
IRS Pushes Tax Date to July 15
At a press conference held late Friday, Treasury Secretary Steven Mnuchin announced that the in addition to the extension on the Federal tax payment deadline, the filing deadline has also been delayed by 90 days.
• This postponement applies to any individuals, trusts, estates, partnerships, associations, and companies or corporations.
• Taxpayers do not have to file Forms 4868 or 7004 for an extension.
• There is no limitation on the amount of the payment that may be postponed.
• No interest or penalty is due during the 90-day extension.
• Interest & penalties on postponed Federal income tax filings and payments will begin to accrue on July 16, 2020.
State filing information is still being updated for all states, including New York. For further information on State filing updates, check out : https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf.